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Want greater wealth? Buckle down and get to work

Want greater wealth? Buckle down and get to work

Randy Boesch, executive vice president and director of private banking for Nevada State Bank, is shown at the bank at 750 E. Warm Springs Road in Las Vegas on Friday, June 6, 2014. (Bill Hughes/Las Vegas Review-Journal)

By DANIEL BEHRINGERLAS VEGAS REVIEW-JOURNAL

Aspire to greater wealth?

Sleep less. Relax less. And buckle down and get to work.

That’s just a few of the conclusions reached in the latest “High Net Worth Report” by the Private Bank of Nevada State Bank.

The report, which drew from the BLS Time Use Survey, found higher income individuals get about eight hours and six minutes of sleep each night — about 3.3 percent less than the lower income set. Higher income individuals also spent significantly less time relaxing — about three hours and 14 minutes, nearly 15 percent less than the three hours and 47 minutes reported by lower income households.

While a few extra winks may seem minuscule at first glance, they apparently add up.

“While the differences may seem relatively insignificant on the surface, an additional 16 minutes sleeping equates to more than four days each year,” wrote report author Jeremy Aguero, principal analyst with Applied Analysis. “Over a typical lifetime, this is more than 300 additional 24-hour days spent sleeping. Small differences in how we choose to use our 24 hours may very well make a significant difference.”

The report defined higher income households in Nevada as those with annual earnings of $150,000 or more per year and in the top 9.4 percent of earners. Lower-income households report annual earnings of $149,999 or less each year — the bottom 90.6 percent of wage earners.

Higher income individuals spent more time on the job, too, the report noted, and more time commuting to and from work. They spent an average of five hours and 41 minutes per day working, about 4 percent longer than the five hours and 27 minutes reported by their lower income peers.

But don’t think either group is slacking — a spokesman for the bank explained the survey includes every day, not just the Monday through Friday grind. So the average reflects weekends and holidays, which will reduce the “per day” factor. And while the survey only included “working adults” on this question, some may work very few hours — which would pull down the average.

They also spent and average of one hour and 29 minutes in travel, largely to and from work — about 11 minutes more than than reported by lower-income households.

The June issue of the “High Net Worth” only touches on one question from the survey — how high net worth individuals spend their time. Other statistics from the private bank’s “High Net Worth Survey,” which canvassed 117 Nevada households with a net worth of $1 million on their lifestyle, finances and general perceptions about the economy and the community, will be released later this summer.

In the report, Randy Boesch, the Private Bank of Nevada State Bank’s executive vice president, noted that higher-income individuals also took the time to safeguard their wealth.

“High-income individuals, like all of us, face trade-offs when it comes to use of our time. While no two people are exactly the same, those with higher incomes spend more time building and protecting their wealth,” Boesch said in the report.

In fact, the report noted, higher income people spent two minutes and 25 seconds per day on financial planning, nearly 15 percent higher than the time spent by lower-income individuals. They made it a priority, too, the report noted, spending more time on financial planning than business, personal health or entertainment planning.

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